Published July 2004

Development company buys Everett Mall for $50M

SCBJ Staff

The Everett Mall has been sold for more than $50 million to a California-based development company, which becomes the third owner during the past four years.

California-based Steadfast Commercial Properties bought the mall from Equitable Life Assurance Society of the United States. Equitable took over the mall three years ago after the former owner defaulted.

Steadfast paid $50.27 million, according to documents filed with Snohomish County officials.

With the sale, the management company Equitable used, Madison Marquette Retail Services, is no longer overseeing the mall. But General Manager Linda Johannes and her staff will remain.

The Everett Mall is the second that privately held Steadfast has bought in Washington state. Last year, the company took over the former SeaTac Mall, renaming it The Commons at Federal Way. Since then, Steadfast has begun making changes at that center, including the additions of Target as an anchor store and a new movie theater.

It is hoped that Steadfast will want to continue renovating the 673,000-square-foot mall in Everett, which in recent years had its interior updated. But other planned improvements, such as a new theater and the addition of several major tenants, had been put on hold.

Johannes said Steadfast will announce its redevelopment plans later this year.

Everett Mall has about 130 shops, three movie screens, a food court, and Sears, The Bon-Macy’s and Mervyns as its anchor tenants. It’s the second-largest mall in the county after Lynnwood’s Alderwood, which will have about 1.4 million square feet after its ongoing expansion.

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